Funding Milestone for South Crofty
The development of the South Crofty tin mine near Camborne has reached another significant milestone with the closing of a previously announced $7.17 million financing deal between Strongbow Exploration Inc. and its largest shareholder.
Leading South West law firm Stephens Scown LLP acted as the UK legal counsel for Canadian firm Strongbow, negotiating and handling all UK security and deal documents on the secured note financing deal with Osisko Gold Royalties Ltd
Sally Norcross Webb, a consultant in the mining and minerals team at Stephens Scown has been advising Strongbow for several years. She explains: “The deal which closed on 26 January is significant because it releases funding to enable Strongbow to progress with the next stage of its redevelopment of the South Crofty tin project. Strongbow can now build the water treatment plant to dewater the mine.
Sally adds: “We are closer than ever before to tin mining returning to Cornwall – a development which has national significance for the UK and will bring crucial jobs to Cornwall.
Richard Williams, CEO of Strongbow Exploration said: “Strongbow is very pleased to have completed this transaction, and we continue to be very satisfied with the quality of work delivered by Stephens Scown. We look forward to continuing our relationship with Stephens Scown as we advance South Crofty to a production decision.
In addition to the royalty deal with Osisko, Stephens Scown has advised on several aspects of the South Crofty tin project, including its acquisition from administration, AIM listing of Strongbow on the London Stock Exchange and various corporate and property matters following the issuing of an Environment Agency water discharge permit
Stephens Scown is the first large law firm in the UK to become employee owned. It has over 290 staff, including more than 50 partners, across its offices in Exeter, Truro and St Austell. At number 16, it is the highest ranking law firm in the Sunday Times 100 Best Companies to Work For 2017. For more information visit www.stephens-scown.co.uk